245F. (1) In addition to
the powers conferred on the Settlement Commission under this Chapter, it shall
have all the powers which are vested in an income-tax authority under this Act.

(2) Where an application made
under section 245C has been allowed to be
proceeded with under section 245D, the Settlement
Commission shall, until an order is passed under sub-section (4) of section 245D, have, subject to the provisions of
sub-section (3) of that section, exclusive jurisdiction to exercise the powers
and perform the functions of an income-tax authority under this Act in relation
to the case :

2[Provided that where an application has been made under section 245C on or after the 1st day of June, 2007,
the Settlement Commission shall have such exclusive jurisdiction from the date
on which the application was made:

Provided further that where—

(i)an application made on or after the 1st day of
June, 2007, is rejected under sub-section (1) of section
245D; or

(ii)an application is not allowed to be proceeded
with under sub-section (2A) of section 245D, or,
as the case may be, is declared invalid under sub-section (2C) of that section;
or

(iii)an application is not allowed to be further
proceeded with under sub-section (2D) of section 245D,

the Settlement Commission, in respect of such application
shall have such exclusive jurisdiction upto the date on which the application
is rejected, or, not allowed to be proceeded with, or, declared invalid, or,
not allowed to be further proceeded with, as the case may be.]

(3) Notwithstanding
anything contained in sub-section (2) and in the absence of any express
direction to the contrary by the Settlement Commission, nothing contained in
this section shall affect the operation of any other provision of this Act
requiring the applicant to pay tax on the basis of self-assessment 3[* * *] in relation to the
matters before the Settlement Commission.

(4) For the removal of
doubt, it is hereby declared that, in the absence of any express direction by
the Settlement Commission to the contrary, nothing in this Chapter shall affect
the operation of the provisions of this Act in so far as they relate to any
matters other than those before the Settlement Commission.

6[(7) The Settlement
Commission shall, subject to the provisions of this Chapter, have power to
regulate its own procedure and the procedure of Benches thereof in all matters
arising out of the exercise of its powers or of the discharge of its functions,
including the places at which the Benches shall hold their sittings.]